P-MRC & ROLLING STONE INVEST IN THE FUTURE OF LIVE MUSIC WITH ACQUISITION OF LIFE IS BEAUTIFUL

Las Vegas, Nevada – February 4, 2022 – Rolling Stone, a subsidiary of PMRC Holdings, has acquired a majority interest in Life is Beautiful, an annual music, arts and ideas festival in Las Vegas, Nevada.  Founded in 2013, Life is Beautiful has played host to over 1 million fans and 600 plus artists. The 2021 festival was anchored by Billie Eilish, Green Day, and Tame Impala and drew over 170,000 in attendance, making it one of the highest grossing festivals in 2021 nationwide.

“Live events are an integral part of Rolling Stone’s future and Life is Beautiful is an incredible platform to realize this vision. Coupled with our significant digital scale and deep journalism, there are infinite possibilities to grow Life is Beautiful in unique and impactful ways,” said Rolling Stone CEO, Gus Wenner.

The festival, founded in 2013 by Tony Hsieh, former CEO of Zappos and visionary entrepreneur, was born as part of Tony’s vision to transform and revitalize the underserved Downtown Las Vegas community. In the 9 years since its founding, over $350 million dollars in economic impact and cultural capital have been injected into Downtown Las Vegas and the surrounding area.

“I am grateful to have worked with Tony on this partnership and am proud to have Rolling Stone help carry forward his mission,” said Wenner.

“Tony understood that his ability to change people’s lives was magnified exponentially by his ability to bring smart, motivated, people-focused entrepreneurs together,” said Richard Hsieh, Tony’s father. “The Life Is Beautiful festival is one of the greatest manifestations of Tony’s desire to bring people together.”

“We are thrilled to realize the potential of Life is Beautiful in partnership with Rolling Stone,” said David Oehm, CEO of Life is Beautiful. “As a landmark institution and touchstone of the music industry for over 50 years, the Rolling Stone team will help to deepen our connection to fans of music everywhere, while also championing the cultural initiatives that make Life is Beautiful so much more than a music festival.”

Rolling Stone plans to expand Life is Beautiful into new territories and broaden its digital footprint. Together, Rolling Stone and Life is Beautiful will continue to highlight the most important musicians and artists of today, offer exposure to new cultural experiences, and contribute to a more beautiful world. Terms of the deal were not disclosed.

About Rolling Stone

Five decades since its founding, Rolling Stone today has evolved into a multi-platform content brand with unrivaled access and authority, reaching a global audience of over 60 million people per month. Staying true to its mission to tell exceptional stories that illuminate the culture of our times, Rolling Stone is an authority for music reviews, in-depth interviews, hard-hitting political commentary, and award-winning journalism across print, digital, mobile, video, social and events. Operated and published by Penske Media Corporation, Rolling Stone provides “all the news that fits.”

About Life is Beautiful

Life is Beautiful was born in 2013 as part of the major transformation of Downtown Las Vegas as a cultural hub and has since contributed over $350M of economic impact and cultural capital to the area. During the three-day festival, premier musical acts, experiential artists, comedians, thinkers and culinary talent flow into the urban streets of DTLV, in addition to the festival’s 170,000 attendees. What started as an event has become something more: a symbol of connection, joy and creativity. Life is Beautiful continues to be driven by its core mission to create a holistic experience which aids in positive community transformation and individual empowerment by collectivizing and inspiring through shared experiences driven by art and culture.

About P-MRC

P-MRC Holdings is a joint venture between MRC and Penske Media Corporation (PMC) and operates brands The Hollywood Reporter, Variety, Billboard, Rolling Stone, Vibe and Music Business Worldwide, which also all contribute to a content partnership. P-MRC Holdings has a strategic investment in SXSW and a majority interest in Life is Beautiful.